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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
By distilling hundreds of pieces of information into a single number that purports to show the percentage chance that a portfolio will not be depleted over the course of a client's life, advisors often place special emphasis on this data point when they present a financial plan.
He explains how they identified which clients were no longer profitable, developed an alternative service model to offer these clients, mentally prepared for the transition, and effectively communicated the changes. staff time, technology, and custodial fees) and indirect costs (e.g., rent, marketing, and training).
Also in industry news this week: While many financial advisors are paying close attention to the potential extension of sunsetting measures within the Tax Cuts and Jobs Act (TCJA) in the coming year, legislation related to retirement savings could be on Congress' agenda as well Fidelity is planning to change the default for its existing RIA non-retirement (..)
A better way to implement and communicate fee increases may be one that is centered around providing more value to the client in exchange for the higher fee.
Also in industry news this week: While RIA M&A deal flow hit record levels in 2024 (both in terms of volume and the speed of completing them), firm valuations saw relatively modest gains In its latest annual regulatory oversight report, FINRA joined the SEC in flagging the potential risks to firm and client data from the use of third-party vendors (..)
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
And while Black Diamond has cut a deal with Morningstar to be the 'default' option for Office advisors to move to, a host of other portfolio management platforms are offering their own incentives as well, leaving Morningstar Office advisors with an opportunity to evaluate a large and crowded landscape of options to find the platform that will work (..)
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the Department of Labor released the final version of its Retirement Security Rule (a.k.a.
Notably, this announcement included the first off-channel communication case brought by the SEC as a result of a referral from an RIA exam, which could lead examiners to focus on off-channel communications during regular RIA examinations.
This month's edition kicks off with the news that 'startup' custodian Altruist has completed a $169 million fundraising round as it continues to rebuild the RIA custodial tech stack layer-by-layer while positioning itself as the biggest RIA custodian built from scratch and solely for advisors – which, while making it the clear #3 custodian behind (..)
Tata Communications Vs Tata Teleservices: The Tata Group is one of the oldest and most prestigious business groups in India. Two companies -Tata Communications and Tata Teleservices in the telecom and media sector have given multibagger returns in the past five years. Tata Communications. Keep reading to find out! Data Business.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the SEC has recently been cracking down on firms for recordkeeping failures related to electronic communications, including their use of text messaging with prospects and clients.
Also in industry news this week: A recent survey indicates that about 98% of clients are at least somewhat satisfied with their financial advisor and that an advisor’s ability to provide peace of mind when it comes to finances is a key driver of this satisfaction A study indicates that advisors can potentially boost client referrals by using (..)
Also in industry news this week: A new advisor benchmarking study indicates that high-growth firms are excelling in 3 areas: client acquisition, "relationship alpha", and strategic scale A recent survey indicates that while advisors increasingly are leveraging home office investment models to save time and scale more efficiently, they often customize (..)
In our 109th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can approach decisions regarding work flexibility and tactics they can use to communicate these choices with prospects and clients. take on no more than 25 clients to maintain their 20-hour workweek).
The study also identified attributes of "top performing" firms across a range of metrics, finding that they are more likely than other firms to have a clear ideal client persona, client value proposition, and marketing plan.
Also in industry news this week: A CFP Board study indicates that financial planners with the certification earn 10% more than other advisors and show very high levels of career satisfaction A Morningstar study has identified 4 main areas where investors find value from their financial advisors, which might not match an advisor's own list of top ways (..)
Also in industry news this week: With the new “T+1” rules for trade settlements will go into effect in late May, the SEC has issued a risk alert for broker-dealers and RIAs outlining the requirements they face and areas of focus for the regulator during upcoming examinations A recent survey suggests that while client satisfaction with their (..)
In our 125th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss what it actually means to scale an advisory business, why doing so necessarily requires more staff support, and how scaling a firm is different than merely finding ways to best leverage a firm owner's time. Read More.
But while the messaging on many advisory firm websites speaks to a firm's capabilities, a better approach to drive engagement is to frame communication around the prospect's needs. First, it's important to make the consumer (rather than the firm) the main character in the firm's communications.
These responsibilities also extend to the use of any technology used in the process of giving advice: A recommendation made with the aid of technology still needs to be in the client's best interests, while the technology also needs to carry out any function as it's described in the advisor's marketing materials and client communications.
But while the messaging on many advisory firm websites speaks to a firm's capabilities, a better approach to drive engagement is to frame communication around the prospect's needs. First, it's important to make the consumer (rather than the firm) the main character in the firm's communications.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent benchmarking study suggests that a number of RIAs are looking to move 'upmarket' and work with wealthier clients by expanding their service menu to include family office services, investment banking, and/or trust (..)
Podcasts Brendan Frazier talks with Deirdre Van Nest about communicating with clients in an emotionally-compelling way. advisorperspectives.com) A shocking number of people don't have a will or estate plan. wiredplanning.com) Daniel Crosby talks with Emily Koochel about defining and seeking financial wellness. thinkadvisor.com)
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a recent survey from Charles Schwab indicates that advisors see technology as the biggest driver of change in the RIA industry, with the growing number of AdvisorTech solutions as the most frequently cited tech-related driver (..)
This month's edition kicks off with the news that custodial platform Altruist is eliminating the $1 per account monthly fee for its portfolio management and reporting technology for advisors on its platform, which on the one hand suggests that the economies of scale Altruist has achieved in the wake of its move to become a fully self-clearing custodian (..)
Consumer Discretionary Year-over-Year is +52.2%, Communication + 18%, and Industrials 11.8%. We will see something similar in the next few CPI reports, as the hottest year-ago numbers drop off from the 12-month series. The flip side of this is the sectors that got shellacked in 2022 are now showing massive profit recoveries.
But as the firm grows (both in terms of clients and employees), it becomes less about the number of people on the team and more about having the right people in the right roles. In many respects, the ideal team is composed of people who will self-manage themselves without requiring extra involvement from the firm owner.
What's unique about Eric, though, is how he leverages a custom-built financial planning assessment he calls their Financial Prosperity Index, which he gives to both prospective and ongoing current clients so that they can better understand their financial health, target the financial planning domains where clients need the most help, and even more (..)
We also have a number of articles on insurance and annuities: As the number of RIA-friendly annuity products increases, advisors remain sharply divided regarding their value for clients. How individuals can purchase more than the $10,000 individual limit of I Bonds, which continue to offer relatively high rates of return.
Also in industry news this week: FINRA has announced that, on the heels of its first enforcement action under the Reg BI rules, it will be ramping up its examinations of broker-dealers for potential violations (after a long period of relative leniency when firms were still determining how best to comply with the rule) A recent study from Ameriprise (..)
Also in industry news this week: Why cash management strategies could become increasingly important parts of an advisor’s value proposition in a higher-interest-rate environment Why improved returns on cash products could be a double-edged sword for some advisory clients following last year’s market volatility From there, we have several (..)
Jarkesy, which in a narrow sense focuses on the SEC's use of in-house Administrative Law Judges to hear securities law cases rather than traditional Federal jury trials, but in a broader sense could call into question the SEC's (and other government agencies') authority to make rules and enforce laws in the absence of specific guidance from Congress (..)
In our 112th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss best practices for gracefully letting an employee go when the advisory firm owner decides they no longer want to grow into a business but would rather revert to being a solo advisor instead.
Going beyond FPA’s existing PlannerSearch tool, the narrowed-down list is meant to help consumers identify a focused subset of the most reputable planners. Also in industry news this week: Legislation that has passed through the U.S.
But how much do these numbers really matter for financial advisors driving the growth of their businesses? As a starting point, understanding which metrics are actually relevant to the business is crucial for advisors to discern the right path toward actively engaging an audience with their content. Read More.
Further, advisers can potentially reduce the number of negative reviews received by ensuring that prospect and client relationships that do not work out (e.g., Next , by taking a proactive approach to reinforcing where they add value (e.g., when a prospect does not meet the firm’s asset minimum) are handled respectfully (e.g.,
Also in industry news this week: The Department of Labor (DoL) this week published a final rule delineating what makes an individual an independent contractor versus a company employee, though it did not provide specific guidance for registered representatives of broker-dealers and other financial professionals who have expressed concern that their (..)
Also in industry news this week: A legal challenge to FINRA's operations as a self-regulatory organization has the potential to upend the current regulatory system for broker-dealers and their registered representatives A recent study indicates that while many consumers appear confident handling their finances on a 'DIY' basis during their careers, (..)
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Orion’s Redtail launches “Redtail Campaigns” in partnership with Snappy Kraken to facilitate CRM-based drip marketing emails.
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